Fed Member Hoeing Says FOMC Should Increase Rates to 1%

By IBT Staff Reporter On 07/07/10 AT 1:11 PM

The Federal Reserve Bank's member Thomas Hoeing said in an interview with Bloomberg Radio, that he thinks the Feds should increase the benchmark interest rates to 1 percent despite the recent slowdown in economic activities.

Thomas Hoeing was the only FOMC member to dissent from the Fed's pledge to keep interest rates at exceptionally low levels for an extended period, since he thought that the language used in the FOMC statement restricts its flexibility.